UBS Warburg has become the latest in a string of investment banks to move its derivatives experts under the same umbrella as its equity capital markets (ECM) group.

Merrill Lynch, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan and Credit Suisse First Boston (CSFB) have all merged their derivatives and ECM capabilities in the last three years while derivatives bankers at Goldman Sachs and Morgan Stanley have traditionally been part of the ECM team.